The former Whitney National Bank building at 9800 Airline Highway, near the intersection of Interstate 12 and Airline, was sold on Monday for $900,000 after sitting on the market for nearly two years and being originally listed for $1.2 million.
The property was purchased by BR Office Space LLC, represented by Mark Estep, who works with Donnie Jarreau Real Estate and represented himself as agent in the transaction. Branon Pesnell and Mathew Laborde with Beau Box Commercial Real Estate represented Whitney Bank in the sale.
The 34,000-square-foot building includes a two-story section that at one time housed the bank, as well as an adjoining four-story structure that was once the home of Evans-Graves Engineers. The building is situated on a roughly 2.8-acre site with plenty of parking. The sale price works about $26.50 per square foot.
“The front building needed about $15 per square foot in renovations, and you could spend a lot more on the rear four-story building, but because the sale price was so low it allows the new owner to do some pretty extensive renovation and have the investment still make sense,” says Pesnell.
The new owner has purchased other office complexes in Baton Rouge, most recently on Government Street and Harrell’s Ferry Road. BR Office Space LLC has renovated the previously purchased buildings for lease, but company officials could not be reached for additional comment on its buy of the former Whitney property as of this afternoon’s deadline.
